Need advice on Capital Gains Taxes ASAP

[Laura Choe]

About 2 years ago my mother and I purchased 2 vacant lots as an investment.  The 2 lots have now been rezoned and replatted into a single lot.  I also had some of the utilities moved to accommodate the replatted lot.

Anyways, we just sold the lot and the title company asked us % allocation of proceeds from sale to each party.  Below is some general information on the transaction.  

I need advice on how to best handle this to minimize capital gains taxes.  Any information would be much appreciated!

Purchase Price: $15000

Improvements: $4800

Selling Price: $70000

My current salary is $60500  (- $15000 401k - $5000 dcc) taxable income is usually around $40000 and I file as head of household.

My parents have an approximate AGR of around $70000

Thanks!